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Net income allocable to noncontrolling interests

$ 1,762

$ (1,604)

$ 5,504

(59)

(82)

Net income (loss) allocable to Safety, Income & Growth Inc. common shareholders

$ 1,703

$ (1,604)

$ 5,422

Net income (loss)

Basic and diluted (in dollars per share)

$ 0.09

$ (0.25)

$ 0.30

Weighted average number of common shares:

Basic and diluted (in shares)

18,191

6,293

18,191

Dividends declared, per share (usd per share)

$ 0.30

Ground and other lease income

Revenues:

$ 9,861

$ 4,201

$ 21,141

Other income

1,713

2,126

Total revenues

11,574

4,204

23,267

Costs and expenses:

Interest expense

3,376

1,868

6,631

Real estate expense

^[1]

398

425

752

General and administrative

2,275

1,873

4,546

3,292

1,149

5,324

Other expense

471

493

510

Total costs and expenses

9,812

5,808

17,763

Income (loss) from operations

1,762

(1,604)

5,504

Net income allocable to noncontrolling interests

1,762

(1,604)

5,504

(59)

(82)

Net income (loss) allocable to Safety, Income & Growth Inc. common shareholders

$ 1,703

$ (1,604)

$ 5,422

Net income (loss)

Basic and diluted (in dollars per share)

$ 0.09

$ (0.25)

$ 0.30

Weighted average number of common shares:

Basic and diluted (in shares)

18,191

6,293

18,191

Dividends declared, per share (usd per share)

$ 0.15

$ 0.30

Ground and other lease income

Revenues:

^[2]

$ 672

$ 5,916

Other income

^[2]

108

Total revenues

^[2]

691

6,024

Costs and expenses:

Interest expense

^[2]

332

2,432

Real estate expense

^[1],[2]

210

General and administrative

^[2]

114

901

^[3]

^[2]

132

1,143

Other expense

^[2]

Total costs and expenses

^[2]

637

4,686

Income (loss) from operations

^[2]

1,338

^[2]

508

Net income allocable to noncontrolling interests

^[2],[4]

1,846

^[3],[5]

^[2]

Net income (loss) allocable to Safety, Income & Growth Inc. common shareholders

^[2]

$ 54

$ 1,846

[1]	For the three and six months ended June 30, 2018, real estate expense includes the amortization of a below market lease asset at one of the Company's hotel properties of $0.2 million and $0.5 million, respectively. For the periods from January 1, 2017 to April 13, 2017, April 1, 2017 to April 13, 2017 and April 14, 2017 to June 30, 2017, real estate expense includes reimbursable property taxes at one of the Company's properties of $0.2 million, $27,000 and $0.2 million, respectively.
[2]	The combined statements of operations prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.
[3]	The combined statements of cash flows prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.
[4]	The combined statements of comprehensive income prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.
[5]	The combined statements of changes in equity prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.

Consolidated and Combined Statements of Operations (Unaudited) (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

Apr. 13, 2017

Jun. 30, 2017

Apr. 13, 2017

Non-cash rent expense related to the amortization of a below market Lease

^[1]

$ 118

Reimbursable property taxes

$ 27

$ 200

Non-cash rent expense related to the amortization of a below market Lease

$ 346

Reimbursable property taxes

$ 200

[1]	The combined statements of cash flows prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.

Consolidated and Combined Statements of Comprehensive Income - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Apr. 13, 2017

Jun. 30, 2018

Jun. 30, 2017

Apr. 13, 2017

Jun. 30, 2018

$ 1,762

$ (1,604)

$ 5,504

Cumulative-effect adjustment for cash flow hedges (refer to Note 3)

1,762

(1,604)

5,504

Other comprehensive income:

Reclassification of losses on derivatives into earnings

(47)

(22)

Unrealized gain (loss) on derivatives

2,377

(126)

6,002

Other comprehensive income (loss)

2,330

(126)

6,021

Comprehensive income (loss)

4,092

(1,730)

11,525

Comprehensive (income) attributable to noncontrolling interest

(59)

(82)

Comprehensive income (loss) attributable to Safety, Income & Growth Inc.

$ 4,033

$ (1,730)

$ 11,443

Cumulative-effect adjustment for cash flow hedges (refer to Note 3)

^[1],[2]

$ 54

$ 1,846

^[3],[4]

Other comprehensive income:

^[1]

Reclassification of losses on derivatives into earnings

^[1]

Unrealized gain (loss) on derivatives

^[1]

415

Other comprehensive income (loss)

^[1]

415

Comprehensive income (loss)

^[1]

2,261

Comprehensive (income) attributable to noncontrolling interest

^[1]

Comprehensive income (loss) attributable to Safety, Income & Growth Inc.

^[1]

$ 54

$ 2,261

[1]	The combined statements of comprehensive income prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.
[2]	The combined statements of operations prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.
[3]	The combined statements of cash flows prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.
[4]	The combined statements of changes in equity prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.

Consolidated and Combined Statements of Changes in Equity - USD ($)
$ in Thousands

Total

Initial Capitalization

IPO and Private Placement

Common Stock at Par

Initial Capitalization

Common Stock at Par

IPO and Private Placement

Additional Paid-In Capital

Initial Capitalization

Additional Paid-In Capital

IPO and Private Placement

Retained Earnings (Deficit)

Accumulated Other Comprehensive Income (Loss)

Noncontrolling Interests

Stockholders' Equity Balance at beginning of the period (Predecessor) at Dec. 31, 2016

^[1]

$ 154,091

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss) | Predecessor

^{[1],[2],[3],[4]}

1,846

Unrealized gain on cash flow hedge | Predecessor

^[1]

415

Contributions from iStar | Predecessor

^[1]

(220,813)

Stockholders' Equity Balance at end of the period (Predecessor) at Apr. 13, 2017

^[1]

(64,461)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss) | The Company

(1,604)

$ (1,604)

Proceeds from issuance of common stock | The Company

(1,604)

$ 113,000

$ 250,000

$ 57

$ 125

$ 112,943

$ 249,875

Contributions from iStar | The Company

16,800

$ 16,800

Offering costs | The Company

20,314

Issuance of common stock to directors | The Company

766

Change in accumulated other comprehensive income (loss) | The Company

(126)

$ (126)

Stockholders' Equity Balance at end of the period (The Company) at Jun. 30, 2017

358,522

$ 182

360,070

(1,604)

(126)

$ 0

Stockholders' Equity Balance at beginning of the period (The Company) at Dec. 31, 2017

355,935

182

364,919

(9,246)

Stockholders' Equity Balance at beginning of the period at Dec. 31, 2017

355,935

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss) | The Company

5,504

5,422

Contributions from iStar | The Company

5,504

2,581

Offering costs | The Company

1,347

Issuance of common stock to directors | The Company

765

Dividends declared | The Company

(5,463)

Change in accumulated other comprehensive income (loss) | The Company

5,980

Contributions from noncontrolling interests | The Company

1,750

Distributions to noncontrolling interests | The Company

(27)

Stockholders' Equity Balance at end of the period (The Company) at Jun. 30, 2018

368,372

$ 182

$ 369,612

$ (9,328)

$ 6,101

$ 1,805

Stockholders' Equity Balance at end of the period at Jun. 30, 2018

$ 368,372

[1]	The combined statements of changes in equity prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.
[2]	The combined statements of cash flows prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.
[3]	The combined statements of comprehensive income prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.
[4]	The combined statements of operations prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.

Consolidated and Combined Statements of Cash Flows - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2017

Apr. 13, 2017

Jun. 30, 2018

Adjustments to reconcile net income to cash flows from operating activities:

$ (1,604)

$ 5,504

Amortization of real estate-related intangibles, net

500

Cash flows from financing activities:

Cash, cash equivalents and restricted cash at beginning of period

169,870

Cash, cash equivalents and restricted cash at end of period

36,762

Adjustments to reconcile net income to cash flows from operating activities:

(1,604)

5,504

Non-cash expense for stock-based compensation

1,873

4,546

766

765

Deferred ground and other lease income

(1,044)

(6,602)

Amortization of real estate-related intangibles, net

346

1,017

Amortization of premium and deferred financing costs on debt obligations, net

710

Management fees and non-cash expense reimbursements to the Manager

174

2,581

Other operating activities

(8)

Changes in assets and liabilities:

Changes in ground and other lease income receivable, net

1,139

Changes in deferred expenses and other assets, net

(99)

(1,307)

Changes in accounts payable, accrued expenses and other liabilities

(18)

1,350

Cash flows provided by operating activities

1,590

8,556

Cash flows from investing activities:

Acquisitions of real estate

(254,734)

(132,444)

Proceeds from sales of real estate

Increase (Decrease) in Deposit Assets

(5,143)

Other investing activities

145

Cash flows used in investing activities

(254,734)

(137,442)

Cash flows from financing activities:

Net transactions with iStar Inc.

Proceeds from issuance of common stock

14,350

363,000

Proceeds from debt obligations

Payments for deferred financing costs

(2,255)

(319)

Dividends paid to common shareholders

(5,457)

Payment of offering costs

(14,372)

(175)

Distributions to noncontrolling interests

(21)

Contributions from noncontrolling interests

1,750

Cash flows provided by (used in) financing activities

^[1]

360,723

(4,222)

Changes in cash, cash equivalents and restricted cash

107,579

(133,108)

Cash, cash equivalents and restricted cash at beginning of period

169,870

Cash, cash equivalents and restricted cash at end of period

107,579

36,762

Supplemental disclosure of non-cash investing and financing activity:

Assumption of debt obligations

2,450

2,581

227,415

Dividends declared to common shareholders

2,735

Accrued finance costs

595

Accrued offering costs

3,743

(1,104)

Distribution payable to noncontrolling interests

$ 6

Adjustments to reconcile net income to cash flows from operating activities:

^{[1],[2],[3],[4]}

$ 1,846

Non-cash expense for stock-based compensation

^[1],[4]

901

^[1]

Deferred ground and other lease income

^[1]

(1,271)

Amortization of real estate-related intangibles, net

^[1]

(508)

^[1]

118

Amortization of premium and deferred financing costs on debt obligations, net

^[1]

Management fees and non-cash expense reimbursements to the Manager

^[1]

Other operating activities

^[1]

Changes in assets and liabilities:

Changes in ground and other lease income receivable, net

^[1]

2,088

Changes in deferred expenses and other assets, net

^[1]

(576)

Changes in accounts payable, accrued expenses and other liabilities

^[1]

(13)

Cash flows provided by operating activities

^[1]

2,609

Cash flows from investing activities:

Acquisitions of real estate

^[1]

Proceeds from sales of real estate

^[1]

508

Increase (Decrease) in Deposit Assets

Other investing activities

^[1]

(1,042)

Cash flows used in investing activities

^[1]

(534)

Cash flows from financing activities:

Net transactions with iStar Inc.

^[1]

(220,813)

Proceeds from issuance of common stock

^[1]

^[1]

Proceeds from debt obligations

^[1]

227,000

Payments for deferred financing costs

^[1]

(7,217)

Dividends paid to common shareholders

^[1]

Payment of offering costs

^[1]

(779)

Distributions to noncontrolling interests

^[1]

Contributions from noncontrolling interests

^[1]

Cash flows provided by (used in) financing activities

^[1]

(1,809)

Changes in cash, cash equivalents and restricted cash

^[1]

266

Cash, cash equivalents and restricted cash at beginning of period

^[1]

$ 266

Cash, cash equivalents and restricted cash at end of period

^[1]

266

Supplemental disclosure of non-cash investing and financing activity:

Assumption of debt obligations

^[1]

^[1]

Dividends declared to common shareholders

^[1]

Accrued finance costs

^[1]

Accrued offering costs

^[1]

Distribution payable to noncontrolling interests

^[1]

$ 0

[1]	The combined statements of cash flows prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.
[2]	The combined statements of changes in equity prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.
[3]	The combined statements of comprehensive income prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.
[4]	The combined statements of operations prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.

Business and Organization	6 Months Ended
Business and Organization	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Business—Safety, Income & Growth Inc. (the "Company") operates its business through one reportable segment by acquiring, managing and capitalizing ground leases. Ground leases are long-term contracts between the landlord (the Company) and a tenant or leaseholder ("Ground Leases"). The Company believes that it is the first publicly-traded company formed primarily to acquire, own, manage, finance and capitalize Ground Leases. Ground Leases generally represent ownership of the land underlying commercial real estate projects that is net leased by the fee owner of the land to the owners/operators of the real estate projects built thereon. Ground Leases are similar to "triple net" leases because the tenant is responsible for all property operating expenses, such as maintenance, real estate taxes and insurance and is typically responsible for development costs and capital expenditures. Ground Leases are typically long-term (base terms ranging from 30 to 99 years, often with tenant renewal options) and have contractual base rent increases (either at a specified percentage or consumer price index ("CPI") based, or both) and sometimes include percentage rent participations. The Company intends to target investments in long-term Ground Leases in which: (i) the cost of its Ground Lease represents 30% to 45% of the combined value of the land and buildings and improvements thereon as if there was no Ground Lease on the land ("Combined Property Value"); (ii) the ratio of underlying property net operating income to the Ground Lease payment due the Company ("Ground Rent Coverage") is between 2.0x to 5.0x; and (iii) the Ground Lease contains contractual rent escalation clauses or percentage rent that participates in gross revenues generated by the commercial real estate on the land. A Ground Lease lessor (the Company) typically has the right to regain possession of its land and take ownership of the buildings and improvements thereon upon a tenant default. The Company believes that the Ground Lease structure provides an opportunity for future investment value accretion through the reversion to the Company, as the Ground Lease owner, of the buildings and improvements on the land at the expiration or earlier termination of the lease, for no additional consideration from the Company. The Company is managed by SFTY Manager, LLC (the "Manager"), a wholly-owned subsidiary of iStar Inc. ("iStar"), the Company's largest shareholder, pursuant to a management agreement (refer to Note 11). The Company has no employees, as the Manager provides all services to it. The Company intends to draw on the extensive investment origination and sourcing platform of its Manager to actively promote the benefits of the Ground Lease structure to prospective Ground Lease tenants. Organization—Safety, Income & Growth Inc. is a Maryland corporation. The Company completed its initial public offering in June 2017, and its common stock is listed on the New York Stock Exchange under the symbol "SAFE." The Company's predecessor ("Original Safety" or the "Predecessor") was formed as a wholly-owned subsidiary of iStar on October 24, 2016. iStar contributed a pre-existing portfolio of Ground Leases to Original Safety and sought third party capital to grow its Ground Lease business. A second entity, SIGI Acquisition, Inc. ("SIGI"), was capitalized on April 14, 2017 by iStar and two institutional investors. On April 14, 2017, Original Safety merged with and into SIGI with SIGI surviving the merger and being renamed Safety, Income & Growth Inc. References herein to the Company refer to Original Safety before such merger and to the surviving company of such merger thereafter. Through these and other formation transactions, the Company: (i) acquired iStar's entire Ground Lease portfolio consisting of 12 properties (the "Initial Portfolio"), all of which were wholly-owned; (ii) completed the $227.0 million 2017 Secured Financing (refer to Note 6) on March 30, 2017; (iii) issued 2,875,000 shares of the Company's common stock to two institutional investors for $20.00 per share, or $57.5 million (representing a 50.9% ownership interest in the Company at such time), and 2,775,000 shares of the Company's common stock to iStar for $20.00 per share, or $55.5 million (representing a 49.1% ownership interest in the Company at such time); and (iv) paid $340.0 million in total consideration to iStar for the Initial Portfolio. On June 27, 2017, the Company completed its initial public offering raising $205.0 million in gross proceeds and concurrently completed a $45.0 million private placement with iStar, its largest shareholder. The price per share paid in the initial public offering and the private placement was $20.00. iStar incurred a total of $18.9 million of organization and offering costs in connection with these transactions. iStar received no reimbursement for its payment of the organization and offering costs. The payment of such costs were treated as capital contributions from iStar with an offsetting cost of capital in the Company's consolidated statements of changes in equity. The Company elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with the tax year ended December 31, 2017. The Company is structured as an Umbrella Partnership REIT ("UPREIT"). As such, all of the Company's properties are owned by a subsidiary partnership, Safety Income and Growth Operating Partnership LP (the "Operating Partnership"), which is currently wholly-owned by the Company. The UPREIT structure may afford the Company certain benefits as it seeks to acquire properties from third parties who may want to defer taxes by contributing their Ground Leases to the Company. Principles of Consolidation and Combination—For the periods prior to April 14, 2017, the combined financial statements include on a carve-out basis the historical balance sheets and statements of operations and cash flows attributed to the Predecessor. For the periods subsequent to April 14, 2017, the consolidated financial statements include the accounts and operations of the Company its wholly-owned subsidiaries and VIEs for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Consolidated VIEs—The Company consolidates VIEs for which it is considered the primary beneficiary. As of June 30, 2018, the total assets of these consolidated VIEs were $51.4 million and total liabilities were $0.2 million. The classifications of these assets are primarily within "Real estate, net" and "Real estate-related intangible assets, net" on the Company's consolidated balance sheets. The classifications of liabilities are primarily within "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company has provided no financial support to VIEs that it was not previously contractually required to provide and did not have any unfunded commitments related to consolidated VIEs as of June 30, 2018.

Basis of Presentation and Principles of Combination and Consolidation	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Business—Safety, Income & Growth Inc. (the "Company") operates its business through one reportable segment by acquiring, managing and capitalizing ground leases. Ground leases are long-term contracts between the landlord (the Company) and a tenant or leaseholder ("Ground Leases"). The Company believes that it is the first publicly-traded company formed primarily to acquire, own, manage, finance and capitalize Ground Leases. Ground Leases generally represent ownership of the land underlying commercial real estate projects that is net leased by the fee owner of the land to the owners/operators of the real estate projects built thereon. Ground Leases are similar to "triple net" leases because the tenant is responsible for all property operating expenses, such as maintenance, real estate taxes and insurance and is typically responsible for development costs and capital expenditures. Ground Leases are typically long-term (base terms ranging from 30 to 99 years, often with tenant renewal options) and have contractual base rent increases (either at a specified percentage or consumer price index ("CPI") based, or both) and sometimes include percentage rent participations. The Company intends to target investments in long-term Ground Leases in which: (i) the cost of its Ground Lease represents 30% to 45% of the combined value of the land and buildings and improvements thereon as if there was no Ground Lease on the land ("Combined Property Value"); (ii) the ratio of underlying property net operating income to the Ground Lease payment due the Company ("Ground Rent Coverage") is between 2.0x to 5.0x; and (iii) the Ground Lease contains contractual rent escalation clauses or percentage rent that participates in gross revenues generated by the commercial real estate on the land. A Ground Lease lessor (the Company) typically has the right to regain possession of its land and take ownership of the buildings and improvements thereon upon a tenant default. The Company believes that the Ground Lease structure provides an opportunity for future investment value accretion through the reversion to the Company, as the Ground Lease owner, of the buildings and improvements on the land at the expiration or earlier termination of the lease, for no additional consideration from the Company. The Company is managed by SFTY Manager, LLC (the "Manager"), a wholly-owned subsidiary of iStar Inc. ("iStar"), the Company's largest shareholder, pursuant to a management agreement (refer to Note 11). The Company has no employees, as the Manager provides all services to it. The Company intends to draw on the extensive investment origination and sourcing platform of its Manager to actively promote the benefits of the Ground Lease structure to prospective Ground Lease tenants. Organization—Safety, Income & Growth Inc. is a Maryland corporation. The Company completed its initial public offering in June 2017, and its common stock is listed on the New York Stock Exchange under the symbol "SAFE." The Company's predecessor ("Original Safety" or the "Predecessor") was formed as a wholly-owned subsidiary of iStar on October 24, 2016. iStar contributed a pre-existing portfolio of Ground Leases to Original Safety and sought third party capital to grow its Ground Lease business. A second entity, SIGI Acquisition, Inc. ("SIGI"), was capitalized on April 14, 2017 by iStar and two institutional investors. On April 14, 2017, Original Safety merged with and into SIGI with SIGI surviving the merger and being renamed Safety, Income & Growth Inc. References herein to the Company refer to Original Safety before such merger and to the surviving company of such merger thereafter. Through these and other formation transactions, the Company: (i) acquired iStar's entire Ground Lease portfolio consisting of 12 properties (the "Initial Portfolio"), all of which were wholly-owned; (ii) completed the $227.0 million 2017 Secured Financing (refer to Note 6) on March 30, 2017; (iii) issued 2,875,000 shares of the Company's common stock to two institutional investors for $20.00 per share, or $57.5 million (representing a 50.9% ownership interest in the Company at such time), and 2,775,000 shares of the Company's common stock to iStar for $20.00 per share, or $55.5 million (representing a 49.1% ownership interest in the Company at such time); and (iv) paid $340.0 million in total consideration to iStar for the Initial Portfolio. On June 27, 2017, the Company completed its initial public offering raising $205.0 million in gross proceeds and concurrently completed a $45.0 million private placement with iStar, its largest shareholder. The price per share paid in the initial public offering and the private placement was $20.00. iStar incurred a total of $18.9 million of organization and offering costs in connection with these transactions. iStar received no reimbursement for its payment of the organization and offering costs. The payment of such costs were treated as capital contributions from iStar with an offsetting cost of capital in the Company's consolidated statements of changes in equity. The Company elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with the tax year ended December 31, 2017. The Company is structured as an Umbrella Partnership REIT ("UPREIT"). As such, all of the Company's properties are owned by a subsidiary partnership, Safety Income and Growth Operating Partnership LP (the "Operating Partnership"), which is currently wholly-owned by the Company. The UPREIT structure may afford the Company certain benefits as it seeks to acquire properties from third parties who may want to defer taxes by contributing their Ground Leases to the Company. Principles of Consolidation and Combination—For the periods prior to April 14, 2017, the combined financial statements include on a carve-out basis the historical balance sheets and statements of operations and cash flows attributed to the Predecessor. For the periods subsequent to April 14, 2017, the consolidated financial statements include the accounts and operations of the Company its wholly-owned subsidiaries and VIEs for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Consolidated VIEs—The Company consolidates VIEs for which it is considered the primary beneficiary. As of June 30, 2018, the total assets of these consolidated VIEs were $51.4 million and total liabilities were $0.2 million. The classifications of these assets are primarily within "Real estate, net" and "Real estate-related intangible assets, net" on the Company's consolidated balance sheets. The classifications of liabilities are primarily within "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company has provided no financial support to VIEs that it was not previously contractually required to provide and did not have any unfunded commitments related to consolidated VIEs as of June 30, 2018.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

The following paragraphs describe the impact on the Company's consolidated financial statements from the adoption of Accounting Standards Updates ("ASUs") on January 1, 2018.

ASU 2014-09—ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), stipulates that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. The Company adopted ASU 2014-09 using the modified retrospective approach and the adoption did not have a material impact on the Company's consolidated financial statements.

ASU 2016-01—ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), addressed certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 eliminated the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The adoption of ASU 2016-01 did not have a material impact on the Company's consolidated financial statements.

ASU 2016-15—ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"), was issued to reduce diversity in practice in how certain cash receipts and cash payments, including debt prepayment or debt extinguishment costs, distributions from equity method investees, and other separately identifiable cash flows, are presented and classified in the statement of cash flows. The adoption of ASU 2016-15 did not have a material impact on the Company's consolidated financial statements.

ASU 2016-18—ASU 2016-18, Statement of Cash Flows: Restricted Cash ("ASU 2016-18"), requires that restricted cash be included with cash and cash equivalents when reconciling beginning and ending cash and cash equivalents on the statement of cash flows and requires disclosure of what is included in restricted cash. The adoption of ASU 2016-18 did not have a material impact on the Company's consolidated financial statements. The following table provides a reconciliation of the cash and cash equivalents and restricted cash reported in the Company's consolidated balance sheets that total to the same amount as reported in the Company's consolidated statements of cash flows (in thousands):



	June 30, 2018		December 31, 2017
Cash and cash equivalents	$	35,805	$	168,214
Restricted cash⁽¹⁾	957		1,656
Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows	$	36,762	$	169,870

_______________________________________________________________________________


(1)	Restricted cash includes cash balances required to be maintained under certain of the Company's derivative transactions.

ASU 2017-01—The adoption of ASU 2017-01, Business Combinations: Clarifying the Definition of a Business ("ASU 2017-01"), did not have a material impact on the Company's consolidated financial statements. Under ASU 2017-01, certain transactions previously accounted for as business combinations under the former accounting guidance will be accounted for as asset acquisitions under ASU 2017-01. The Company expects more transaction costs to be capitalized relating to real estate acquisitions as a result of ASU 2017-01.

ASU 2017-05—ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets ("ASU 2017-05"), simplifies GAAP by eliminating several accounting differences between transactions involving assets and transactions involving businesses. The amendments in ASU 2017-05 require an entity to initially measure a retained noncontrolling interest in a nonfinancial asset at fair value consistent with how a retained noncontrolling interest in a business is measured. Also, if an entity transfers ownership interests in a consolidated subsidiary that is within the scope of ASC 610-20 and continues to have a controlling financial interest in that subsidiary, ASU 2017-05 requires the entity to account for the transaction as an equity transaction, which is consistent with how changes in ownership interests in a consolidated subsidiary that is a business are recorded when a parent retains a controlling financial interest in the business. The Company adopted ASU 2017-05 using the modified retrospective approach and the adoption did not have a material impact on the Company's consolidated financial statements.

ASU 2017-12—ASU 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"), was issued to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. ASU 2017-12 expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The Company early adopted ASU 2017-12 on January 1, 2018. The impact upon adoption was the elimination of previously recorded hedge ineffectiveness for cash flow hedges by means of a cumulative-effect adjustment to accumulated other comprehensive income with a corresponding decrease to retained earnings of approximately $41,000.

Variable interest entities—The Company evaluates its investments and other contractual arrangements to determine if they constitute variable interests in a VIE. A VIE is an entity where a controlling financial interest is achieved through means other than voting rights. A VIE is consolidated by the primary beneficiary, which is the party that has the power to direct matters that most significantly impact the activities of the VIE and has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This overall consolidation assessment includes a review of, among other factors, which interests create or absorb variability, contractual terms, the key decision making powers, their impact on the VIE's economic performance, and related party relationships. Where qualitative assessment is not conclusive, the Company performs a quantitative analysis. The Company reassesses its evaluation of the primary beneficiary of a VIE on an ongoing basis and assesses its evaluation of an entity as a VIE upon certain reconsideration events.

Fair Values—The Company is required to disclose fair value information with regard to its financial instruments, whether or not recognized in the consolidated and combined balance sheets, for which it is practical to estimate fair value. The Financial Accounting Standards Board ("FASB") guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company determines the estimated fair values of financial assets and liabilities based on a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the Company and the Company’s own assumptions about market participant assumptions. The Company determined the carrying values of its cash and cash equivalents; restricted cash; ground and other lease income receivable; deferred ground and other lease income receivable, net; deferred expenses and other assets, net; and accounts payable, accrued expenses, and other liabilities approximated their fair values. The Company determined the fair value of its debt obligations, net as of June 30, 2018 was approximately $301.0 million and falls within Level 3 of the fair value hierarchy.

In connection with the Company's acquisition of the Initial Portfolio and its acquisition of two separate Ground Leases on June 28, 2017 (refer to Note 4), the Company was required to account for the acquisitions as business combinations pursuant to ASC 805. The Company utilized a third-party specialist to assist the Company in recognizing and measuring the identifiable assets acquired, the liabilities assumed, and estimating the remaining useful life of the identifiable assets acquired in accordance with ASC 350.

Other—The Company is an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") and is eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other publicly-traded companies that are not "emerging growth companies," including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002. The Company has elected to utilize the exemption for auditor attestation requirements.

In addition, the JOBS Act provides that an "emerging growth company" can take advantage of the extended transition period provided in the Securities Act of 1933, as amended, for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. However, the Company has chosen to "opt out" of this extended transition period, and as a result, it will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for all public companies that are not emerging growth companies. The Company's decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.

The Company will remain an "emerging growth company" until the earliest to occur of: (i) the last day of the fiscal year during which our total annual revenue equals or exceeds $1.07 billion (subject to adjustment for inflation); (ii) the last day of the fiscal year following the fifth anniversary of the Company's initial public offering; (iii) the date on which the Company has, during the previous three-year period, issued more than $1.0 billion in non-convertible debt; or (iv) the date on which the Company is deemed to be a "large accelerated filer" under the Securities Exchange Act of 1934, as amended.

New Accounting Pronouncements—In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation ("ASU 2018-07") which was issued to align the guidance on share-based payments for goods and services to non-employees with share-based payments to employees. ASU 2018-07 requires non-employee share-based payment awards to be measured at the grant date fair value of the equity instruments that the entity is obligated to issue for the goods and services received. Grant date is generally defined as the date at which the grantor and grantee reach a mutual understanding of the terms and conditions of the share-based award. ASU 2018-07 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company’s consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Management does not believe the guidance will have a material impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. For operating leases, a lessee will be required to: (i) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its statement of financial position; (ii) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight line basis; and (iii) classify all cash payments within operating activities in its statement of cash flows. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. However, in certain instances a long-term lease of land could be classified as a sales-type lease, resulting in the lessor derecognizing the underlying asset and recording a profit or loss on the sale and a net investment in the lease. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company’s consolidated financial statements.

Real Estate and Real Estate-Related Intangibles

6 Months Ended

Jun. 30, 2018

Real Estate [Abstract]

Real Estate and Real Estate-Related Intangibles

The Company's real estate assets consist of the following ($ in thousands):



	As of
	June 30, 2018			December 31, 2017
Land and land improvements, at cost	$	292,062		$	220,749
Buildings and improvements, at cost	192,396			192,396
Less: accumulated depreciation	(7,255		)	(4,253		)
Total real estate, net	$	477,203		$	408,892
Real estate-related intangible assets, net	197,665			138,725
Total real estate, net and real estate-related intangible assets, net	$	674,868		$	547,617

Real estate-related intangible assets, net consist of the following items ($ in thousands):



	As of
	June 30, 2018		December 31, 2017
Above-market lease assets, net⁽¹⁾	$	133,116	$	77,197
In-place lease assets, net⁽²⁾	38,512		35,744
Below-market lease asset, net⁽³⁾	25,290		25,784
Other intangible assets, net	747		—
Real estate-related intangible assets, net	$	197,665	$	138,725

_______________________________________________________________________________

(1)

Above-market lease assets are recognized during business combinations when the present value of market rate rental cash flows over the term of a lease is less than the present value of the contractual in-place rental cash flows. Accumulated amortization on above-market lease assets was $1.7 million and $0.9 million as of June 30, 2018 and December 31, 2017, respectively. The amortization of above-market lease assets decreased "Ground and other lease income" in the Company's consolidated statements of operations by $0.5 million and $0.8 million for the three and six months ended June 30, 2018, respectively. The amortization of above-market lease assets decreased "Ground and other lease income" in the Company's consolidated statements of operations by $0.3 million for the period from April 14, 2017 to June 30, 2017. Above-market lease assets are amortized over the term of the leases. The Company recorded $56.8 million of above-market lease assets in connection with seven Ground Leases entered into during the six months ended June 30, 2018.

(2)

In-place lease assets are recognized during business combinations and are estimated based on the value associated with the costs avoided in originating leases comparable to the acquired in-place leases as well as the value associated with lost rental revenue during the assumed lease-up period. Accumulated amortization on in-place lease assets was $3.7 million and $2.2 million as of June 30, 2018 and December 31, 2017, respectively. The amortization expense for in-place leases was $0.8 million and $1.5 million for the three and six months ended June 30, 2018, respectively. The amortization expense for in-place leases was $0.6 million for the period from April 14, 2017 to June 30, 2017. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. In-place lease assets are amortized over the term of the leases.

(3)

Below-market lease asset, net resulted from the acquisition of the Initial Portfolio and relates to a property that is majority-owned by a third party and is ground leased to the Company. The Company is obligated to pay the owner of the property $0.4 million, subject to adjustment for changes in the CPI, per year through 2044; however, the Company's tenant at the property pays this expense directly under the terms of a master lease. Accumulated amortization on the below-market lease asset was $1.2 million and $0.7 million as of June 30, 2018 and December 31, 2017, respectively. The amortization expense for the Company's below-market lease asset was $0.2 million and $0.5 million for the three and six months ended June 30, 2018, respectively. The amortization expense for the Company's below-market lease asset was $0.2 million for the period from April 14, 2017 to June 30, 2017. These amounts are included in "Real estate expense" in the Company's consolidated statements of operations. The below-market lease asset is amortized over the term of the lease.

The estimated expense from the amortization of real estate-related intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands):⁽¹⁾



Year	Amount
2018 (remaining six months)	$	3,000
2019	6,000
2020	6,000
2021	6,000
2022	6,000

_______________________________________________________________________________


(1)	As of June 30, 2018, the weighted average amortization period for the Company's real estate-related intangible assets was approximately 74 years.

Real estate-related intangible liabilities, net consist of the following items ($ in thousands):⁽¹⁾



	As of
	June 30, 2018		December 31, 2017
Below-market lease liabilities⁽¹⁾	$	57,649	$	57,959
Real estate-related intangible liabilities, net	$	57,649	$	57,959

_______________________________________________________________________________

(1)

Below-market lease liabilities are recognized during business combinations when the present value of market rate rental cash flows over the term of a lease exceeds the present value of the contractual in-place rental cash flows. Accumulated amortization on below-market lease liabilities was $0.7 million and $0.4 million as of June 30, 2018 and December 31, 2017, respectively. The amortization of below-market lease liabilities increased "Ground and other lease income" in the Company's consolidated statements of operations by $0.2 million and $0.3 million for the three and six months ended June 30, 2018, respectively. The amortization of below-market lease liabilities increased "Ground and other lease income" in the Company's consolidated statements of operations by $0.1 million for the period from April 14, 2017 to June 30, 2017.

Acquisitions—On April 14, 2017, the Company, through a merger and other formation transactions, acquired the Initial Portfolio from iStar and accounted for the acquisition as a business combination pursuant to ASC 805. On June 28, 2017, the Company separately acquired two additional Ground Leases (described below) from third party sellers for an aggregate purchase price of approximately $142.0 million and accounted for the acquisitions as business combinations pursuant to ASC 805.

The Company acquired the Ground Lease at 6201 Hollywood Boulevard, a 183,802 square foot land parcel subject to a long term Ground Lease located in Los Angeles, CA in the Hollywood neighborhood adjacent to the Hollywood/Vine metro station. The land is improved with approximately 535 apartments, 71,200 square feet of retail space, 1,300 underground parking spaces and signage facing Hollywood Boulevard. The Ground Lease had 87 years remaining on its term at the time of acquisition.

The Company acquired the Ground Lease at 6200 Hollywood Boulevard, a 143,151 square foot land parcel subject to a long term Ground Lease located in Los Angeles, CA in the Hollywood neighborhood adjacent to the Hollywood/Vine metro station. The site is currently under construction. Once completed by the Company's tenant, it will be improved with approximately 507 apartments, 56,100 square feet of retail space, 1,237 underground parking spaces, and signage facing Hollywood Boulevard. The Ground Lease had 87 years remaining on its term at the time of acquisition.

The Company's purchase price allocations for the acquisitions described above are presented in the table below ($ in thousands):



	Initial Portfolio			6200 Hollywood Blvd.		6201 Hollywood Blvd.		Total
Assets
Land and land improvements, at cost	$	73,472		$	68,140	$	72,836	$	214,448
Buildings and improvements, at cost	192,396			—		—		192,396
Real estate	265,868			68,140		72,836		406,844
Real estate-related intangible assets	124,017			5,500		3,258		132,775
Other assets	1,174			—		—		1,174
Total assets	$	391,059		$	73,640	$	76,094	$	540,793

Liabilities
Real estate-related intangible liabilities	$	50,644		$	—	$	7,734	$	58,378
Debt obligations	227,415			—		—		227,415
Total liabilities	278,059			—		7,734		285,793
Equity Purchase Price	$	113,000	⁽¹⁾	$	73,640	$	68,360	$	255,000

_______________________________________________________________________________


(1)	The Company paid $340.0 million in total consideration to iStar for the Initial Portfolio, including the assumption of the 2017 Secured Financing.

The following unaudited table summarizes the Company's pro forma revenues and net income (loss) for the three and six months ended June 30, 2017 as if the acquisitions of these properties were completed on January 1, 2016 ($ in thousands):



Three Months Ended June 30, 2017
Pro forma revenues⁽¹⁾	$	6,150
Pro forma net income (loss)⁽¹⁾⁽²⁾	(368		)

Six Months Ended June 30, 2017
Pro forma revenues⁽¹⁾	$	12,879
Pro forma net income⁽¹⁾⁽²⁾	1,189

_______________________________________________________________________________


(1)	The pro forma revenues and net income are presented for informational purposes only and may not be indicative of what the actual results of operations of the Company would have been assuming the transaction occurred on January 1, 2016, nor do they purport to represent the Company’s results of operations for future periods.


(2)	The combined statements of operations prior to April 14, 2017 represented the activity of the Predecessor and EPS was not applicable.

On August 31, 2017, the Company acquired the land and simultaneously structured and entered into a Ground Lease at 3333 LifeHope in Atlanta, GA and accounted for the transaction as an asset acquisition. The property is being converted by the ground lessee into a Class-A medical office building. The Ground Lease has a term of 99 years. In addition, the ground lessee will construct a 185-space parking deck adjacent to the building scheduled to be completed in 2018, which will be engineered to accommodate future development of the site. The Company has a right of first refusal to provide funding for up to 30.0% of the construction cost of an additional 160,000 square feet of development on terms consistent with the Ground Lease. iStar, the Company's largest shareholder, committed to provide a $24.0 million construction loan to the ground lessee with an initial term of one year for the renovation of the property. This transaction was approved by the Company’s independent directors in accordance with the Company's policy with respect to transactions in which iStar is also a participant.

In October 2017, the Company entered into a purchase agreement to acquire land subject to a Ground Lease on which a 301-unit, luxury multi-family project known as “Great Oaks” is currently being constructed in San Jose, California. Pursuant to the purchase agreement, the Company will acquire the Ground Lease on November 1, 2020 from iStar for $34.0 million. iStar committed to provide a $80.5 million construction loan to the ground lessee. The Ground Lease expires in 2116. This transaction was approved by the Company’s independent directors in accordance with the Company's policy with respect to transactions in which iStar is also a participant.

In January 2018, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant's acquisition of Onyx on First, a multifamily building located in the Navy Yards neighborhood of Washington, D.C., one block away from the Navy Yards metro station. The Ground Lease has a term of 99 years.

In February 2018, the Company entered into two ventures in which it has majority and controlling interests, and the ventures acquired land and simultaneously structured and entered into two Ground Leases. The partners' noncontrolling interests in the ventures are recorded in "Noncontrolling interests" on the Company's consolidated balance sheets (refer to Note 9). The first Ground Lease was part of the recapitalization of a two-building office campus comprising 376,000 square feet on 27 acres in Cary, NC. The second Ground Lease was part of the acquisition of a seven-story, 410,000 square foot office building in midtown Atlanta. The ground lessee intends to invest approximately $19.0 million in capital and tenant improvements to reposition the assets as creative office space. Both Ground Leases have terms of 99 years.

In May 2018, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant's acquisition of 100 and 200 Glenridge Point, two multi-tenant office buildings in Atlanta, GA. The Ground Lease has a term of 99 years. In addition, iStar provided a $19.9 million loan to the ground lessee with an initial term of one year for the acquisition of the property. This transaction was approved by the Company’s independent directors in accordance with the Company's policy with respect to transactions in which iStar is also a participant.

In June 2018, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant's acquisition of Promenade Crossing, a 212-unit multi-family community located in the Baldwin Park submarket of Orlando, FL. The Ground Lease has a term of 99 years. The ground lessee intends to invest approximately $3.5 million in property renovations.

In June 2018, the Company acquired land and simultaneously structured two Ground Leases as part of the Ground Lease tenant's acquisition from iStar of two industrial facilities located in Miami, FL for $22.8 million. Both Ground Leases have a term of 99 years. This transaction was approved by the Company’s independent directors in accordance with the Company's policy with respect to transactions in which iStar is also a participant.

The Company accounted for the acquisitions made during the six months ended June 30, 2018 as asset acquisitions and recorded an aggregate $71.3 million in "Real estate, net" and an aggregate $61.1 million in "Real estate-related intangible assets, net" on its consolidated balance sheet.

During the three and six months ended June 30, 2018, the Company received a $1.5 million termination fee in connection with the termination of a purchase contract for the purchase of the leased fee interest in a property due to the exercise by another entity of a pre-existing pre-emptive right to acquire such property.

Future Minimum Ground and Other Lease Payments—Future minimum Ground and Other Lease payments to be collected under non-cancelable leases, excluding percentage rent and other lease payments that are not fixed and determinable, in effect as of June 30, 2018, are as follows by year ($ in thousands):



Year	Leases with CPI Based Escalations		Leases with Fixed Escalations		Leases with Revenue Participation		Total
2018 (remaining six months)	$	2,556	$	5,407	$	5,016	$	12,979
2019	5,111		10,926		10,032		26,069
2020	5,111		11,090		10,032		26,233
2021	5,111		11,262		10,032		26,405
2022	5,111		11,430		10,032		26,573

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities

Deferred expenses and other assets, net, consist of the following items ($ in thousands):



	As of
	June 30, 2018		December 31, 2017
Purchase deposits	$	8,000	$	2,855
Interest rate hedge assets	6,395		1,042
Deferred finance costs, net⁽¹⁾	2,267		2,490
Other assets	1,487		450
Leasing costs, net	220		92
Deferred expenses and other assets, net	$	18,369	$	6,929

_______________________________________________________________________________


(1)	Accumulated amortization of deferred finance costs was $1.0 million and $0.5 million as of June 30, 2018 and December 31, 2017, respectively.

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):



	As of
	June 30, 2018		December 31, 2017
Dividends declared and payable	$	2,735	$	2,728
Accrued expenses⁽¹⁾	1,882		1,285
Other liabilities⁽²⁾	1,205		621
Interest payable	1,069		660
Interest rate hedge liabilities	266		904
Accounts payable⁽³⁾	244		1,347
Accounts payable, accrued expenses and other liabilities	$	7,401	$	7,545

_______________________________________________________________________________


(1)	As of June 30, 2018 and December 31, 2017, accrued expenses primarily includes accrued legal expenses, audit expenses and deferred finance costs.


(2)	As of June 30, 2018 and December 31, 2017, other liabilities includes $40,000 and $0.1 million, respectively, due to the Manager for costs it paid on the Company's behalf.


(3)	As of June 30, 2018 and December 31, 2017, accounts payable includes accrued offering costs.

Debt Obligations, net

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Debt Obligations, net

The Company's outstanding debt obligations consist of the following ($ in thousands):



	As of						Stated Interest Rate		Scheduled Maturity Date⁽¹⁾
	June 30, 2018			December 31, 2017			Stated Interest Rate		Scheduled Maturity Date⁽¹⁾
Secured credit financing:
2017 Secured Financing	$	227,000		$	227,000		3.795%		April 2027
2017 Hollywood Mortgage	71,000			71,000			One-Month LIBOR plus 1.33%	⁽²⁾	January 2023
2017 Revolver	10,000			10,000			One-Month LIBOR plus 1.35%		June 2022
Total secured credit financing	308,000			308,000
Total debt obligations	308,000			308,000
Debt premium and deferred financing costs, net	(724		)	(926		)
Total debt obligations, net	$	307,276		$	307,074

_______________________________________________________________________________


(1)	Represents the extended maturity date for all debt obligations.


(2)	As of June 30, 2018, inclusive of the effect of an interest rate swap the effective interest rate is 3.04%.

2017 Secured Financing—In March 2017, the Company entered into a $227.0 million non-recourse secured financing transaction (the "2017 Secured Financing") that bears interest at a fixed rate of 3.795% and matures in April 2027. The 2017 Secured Financing was collateralized by the Initial Portfolio including seven Ground Leases and one master lease (covering the accounts of five properties). In connection with and prior to the closing of the 2017 Secured Financing, the Company entered into a $200 million notional rate lock swap, reducing the effective rate of the 2017 Secured Financing from 3.795% to 3.773% (refer to Note 8).

2017 Hollywood Mortgage—In December 2017, the Company entered into a $71.0 million non-recourse first mortgage on 6200 Hollywood Boulevard and 6201 Hollywood Boulevard (the "2017 Hollywood Mortgage"). The 2017 Hollywood Mortgage bears interest at a rate of one-month LIBOR plus 1.33%, matures in January 2023 and is callable without pre-payment penalty beginning in January 2021.

2017 Revolver—In June 2017, the Company entered into a recourse senior secured revolving credit facility with a group of lenders in the maximum aggregate initial original principal amount of up to $300.0 million (the "2017 Revolver"). The 2017 Revolver has a term of three years with two 12-month extension options exercisable by the Company, subject to certain conditions, and bears interest at an annual rate of applicable LIBOR plus 1.35%. An undrawn credit facility commitment fee ranges from 0.15% to 0.25%, based on utilization each quarter. This fee was waived for the first six months after the closing date of June 27, 2017. The 2017 Revolver will allow the Company to leverage Ground Leases up to 67.0%. The 2017 Revolver provides an accordion feature to increase, subject to certain conditions, the maximum availability up to $500.0 million. As of June 30, 2018, there was $290.0 million of undrawn capacity on the 2017 Revolver and the Company had the ability to draw an additional $85.9 million without pledging any additional assets to the facility.

Debt Covenants—The Company is subject to financial covenants under the 2017 Revolver, including maintaining: (i) a limitation on total consolidated leverage of not more than 70%, or 75% for no more than 180 days, of the Company's total consolidated assets; (ii) a consolidated fixed charge coverage ratio of at least 1.45x; (iii) a consolidated tangible net worth of at least 75% of the Company's tangible net worth at the date of the 2017 Revolver plus 75% of future issuances of net equity; (iv) a consolidated secured leverage ratio of not more than 70%, or 75% for no more than 180 days, of the Company's total consolidated assets; and (v) a secured recourse debt ratio of not more than 5.0% of the Company's total consolidated assets (exclusive of amounts drawn on this facility). Additionally, the 2017 Revolver restricts the Company's ability to pay distributions to its stockholders. In 2018, the Company will be permitted to make annual distributions up to an amount equal to 110% of the Company's adjusted funds from operations, as calculated in accordance with the 2017 Revolver. In addition, the Company may make distributions to the extent necessary to maintain the Company's qualification as a REIT. As of June 30, 2018, the Company was in compliance with all of its financial covenants.

Future Scheduled Maturities—As of June 30, 2018, future scheduled maturities of outstanding debt obligations, assuming all extensions that can be exercised at the Company's option, are as follows ($ in thousands):



	2017 Secured Financing		2017 Hollywood Mortgage		2017 Revolver		Total
2018 (remaining six months)	$	—	$	—	$	—	$	—
2019	—		—		—		—
2020	—		—		—		—
2021	—		—		—		—
2022	—		—		10,000		10,000
Thereafter	227,000		71,000		—		298,000
Total principal maturities	227,000		71,000		10,000		308,000
Debt premium and deferred financing costs, net							(724		)
Total debt obligations, net							$	307,276

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments—In October 2017, the Company entered into a purchase agreement to acquire land subject to a Ground Lease on November 1, 2020 from iStar for $34.0 million (refer to Note 4). Legal Proceedings—The Company evaluates developments in legal proceedings that could require a liability to be accrued and/or disclosed. Based on its current knowledge, and after consultation with legal counsel, the Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company’s consolidated and combined financial statements.

Risk Management and Derivatives

6 Months Ended

Jun. 30, 2018

Risks and Uncertainties [Abstract]

Risk Management and Derivatives

In the normal course of its ongoing business operations, the Company encounters credit risk. Credit risk is the risk of default on the Company’s leases that result from a tenant’s inability or unwillingness to make contractually required payments.

Risk concentrations—Concentrations of credit risks arise when the Company has multiple leases with a particular tenant or credit party, or a number of the Company’s tenants are engaged in similar business activities, or activities in the same geographic region, or have similar economic features, such that their ability to meet contractual obligations, including those to the Company, could be similarly affected by changes in economic conditions.

Although the Company’s real estate assets are geographically diverse and the tenants operate in a variety of industries and property types, to the extent the Company has a significant concentration of ground and other lease income from any tenant, the inability of that tenant to make its payment could have a material adverse effect on the Company. During the six months ended June 30, 2018, the Company’s two largest tenants accounted for approximately $8.2 million and $2.7 million, or 35.4% and 11.4%, respectively, of the Company’s revenues.

The gross carrying value of five hotels leased by the Company under a master lease guaranteed by Park Intermediate Holdings LLC represented 30.0% of the Company’s total assets as of June 30, 2018. Park Intermediate Holdings LLC is a subsidiary of Park Hotels & Resorts Inc., which is a public reporting company. According to Park Hotels & Resorts Inc.’s public Securities and Exchange Commission filings, Park Hotels & Resorts Inc. conducts substantially all of its business and holds substantially all of its assets through Park Intermediate Holdings LLC. For detailed financial information regarding Park Hotels & Resorts Inc., please refer to its financial statements, which are publicly available on the website of the Securities and Exchange Commission at http://www.sec.gov.

Derivative instruments and hedging activity—The Company's use of derivative financial instruments is associated with debt issuances and primarily limited to the utilization of interest rate swaps, interest rate caps or other instruments to manage interest rate risk exposure. The Company does not enter into derivatives for trading purposes.

The Company recognizes derivatives as either assets or liabilities on the Company's consolidated and combined balance sheets at fair value. Interest rate hedge assets are recorded in "Deferred expenses and other assets, net" and interest rate hedge liabilities are recorded in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated and combined balance sheets. If certain conditions are met, a derivative may be specifically designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability, a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability.

For the Company's derivatives designated and qualifying as cash flow hedges, changes in the fair value of the derivatives are reported in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. For the Company's derivatives not designated as hedges, the changes in the fair value of the derivatives are reported in "Interest expense" in the Company's consolidated statements of operations. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements. The Company is hedging its exposure to the variability in future cash flows for forecasted transactions over a maximum period of 30 months (excluding forecasted transactions related to the payment of variable interest on existing financial instruments).

The table below presents the Company's derivatives as well as their classification on the consolidated balance sheets as of June 30, 2018 and December 31, 2017 ($ in thousands):⁽¹⁾



	June 30, 2018		December 31, 2017
Derivative Type	Fair Value⁽²⁾				Balance Sheet Location
Assets
Interest rate swaps	$	6,368	$	1,024	Deferred expenses and other assets, net
Interest rate cap⁽³⁾	27		18		Deferred expenses and other assets, net
	$	6,395	$	1,042
Liabilities
Interest rate swaps	$	266	$	904	Accounts payable, accrued expenses and other liabilities
	$	266	$	904

____________________________________________________________________________


(1)	For the three and six months ended June 30, 2018, the Company recorded $2.4 million and $6.0 million, respectively, of unrealized gains in accumulated other comprehensive income (loss).

(2)

The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2 within the fair value hierarchy. Over the next 12 months, the Company expects that $0.7 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as a reduction to interest expense.


(3)	This derivative is not designated in a hedging relationship.

Credit Risk-Related Contingent Features—The Company reports derivative instruments on a gross basis in its consolidated financial statements. The Company has agreements with each of its derivative counterparties that contain a provision whereby if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. In connection with its interest rate derivatives which were in a liability position as of June 30, 2018 and December 31, 2017, the Company posted collateral of $1.0 million and $1.7 million, respectively, which is included in "Restricted cash" on the Company's consolidated balance sheets. As of June 30, 2018 and December 31, 2017, the Company would not have been required to post any additional collateral to settle these contracts had the Company been declared in default on its derivative obligations.

The tables below present the effect of the Company's derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2018 ($ in thousands):⁽¹⁾



Derivatives Designated in Hedging Relationships	Location of Gain (Loss) Recognized in Income	Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings
For the Three Months Ended June 30, 2018
Interest rate swaps	Interest expense	$	2,377	$	47

For the Six Months Ended June 30, 2018
Interest rate swaps	Interest expense	$	6,002	$	22

____________________________________________________________________________

(1) For the period from April 14, 2017 to June 30, 2017, the Company recognized $(0.1) million in accumulated other comprehensive income (loss).



	Location of Gain or (Loss) Recognized in Income	Amount of Gain or (Loss) Recognized in Income
Derivatives not Designated in Hedging Relationships	Location of Gain or (Loss) Recognized in Income	Amount of Gain or (Loss) Recognized in Income
For the Three Months Ended June 30, 2018
Interest rate cap	Interest expense	$	(33	)

For the Six Months Ended June 30, 2018
Interest rate cap	Interest expense	$	10

In February 2017, the Company entered into and settled a rate lock swap in connection with the 2017 Secured Financing (refer to Note 6). As a result of the settlement, the Company recorded a $0.4 million unrealized gain in other comprehensive income, which was recorded in "Safety, Income & Growth Inc. Predecessor equity" on the Company’s consolidated balance sheets. In connection with the Company's acquisition of the Initial Portfolio, the 2017 Secured Financing was recorded at fair value and the resulting premium is recorded as a reduction to interest expense over the term of the 2017 Secured Financing.

Equity

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Equity

Common Stock—On April 14, 2017, two institutional investors acquired 2,875,000 shares of the Company's common stock for $57.5 million and iStar acquired 2,775,000 shares of the Company's common stock for $55.5 million.

On June 27, 2017, the Company sold 10,250,000 shares of its common stock in its initial public offering for proceeds of $205.0 million. Concurrently with the initial public offering, the Company sold $45.0 million in shares, or 2,250,000 shares, of its common stock to iStar in a private placement and issued a total of 40,000 fully-vested shares to its directors who are not employees of the Manager or iStar in consideration for their annual services as directors. On June 28, 2018, the Company issued a total of 40,000 fully-vested shares to its directors who are not employees of the Manager or iStar in consideration for their annual services as directors.

The following table presents a summary of the Company's ownership as of June 30, 2018:



Event	Date	Owner	# of shares	Price paid Per Share
Initial capitalization	April 14, 2017	Third parties	2,875,000	$	20.00
Initial capitalization	April 14, 2017	iStar	2,775,000	20.00
Initial public offering	June 27, 2017	Third parties	10,250,000	20.00
Concurrent iStar placement	June 27, 2017	iStar	2,250,000	20.00
Issuance of shares to directors	June 27, 2017	Directors	40,000	—
Issuance of shares to directors	June 28, 2018	Directors	40,000	—
Shares outstanding at June 30, 2018			18,230,000

Subsequent to the initial public offering, iStar purchased 2.2 million shares of the Company's common stock for $41.7 million, representing an average cost of $18.67 per share, pursuant to two 10b5-1 plans (the “10b5-1 Plans") in accordance with Rules 10b5-1 and 10b-18 under the Securities and Exchange Act of 1934, as amended, under which it could buy shares of the Company's common stock in the open market. As of June 30, 2018, iStar owned 39.8% of the Company's common stock.

In addition, subsequent to the initial public offering, trusts established by Jay Sugarman, the Company's Chairman and Chief Executive Officer, and Geoffrey Jervis, the Company's former Chief Operating Officer and former Chief Financial Officer, purchased 26,039 shares in the aggregate of the Company's common stock for an aggregate $0.5 million, representing an average cost of $19.20 per share, pursuant to a 10b5-1 plan (the “10b5-1 Plan") in accordance with Rules 10b5-1 and 10b-18 under the Securities and Exchange Act of 1934, as amended, under which they could buy in the open market up to $0.5 million in the aggregate of the Company’s common stock. The 10b5-1 Plan terminated in 2017.

Accumulated Other Comprehensive Income—Accumulated other comprehensive income consists of net unrealized gains (losses) on the Company's derivative transactions.

Noncontrolling Interests—Noncontrolling interests represent third-party equity interests in ventures that are consolidated in the Company's consolidated financial statements.

Safety, Income & Growth Inc. Predecessor Equity—For the periods prior to April 14, 2017, Safety, Income & Growth Inc. Predecessor Equity represents net contributions from and distributions to iStar. Most of the entities included in the Predecessor’s financial statements did not have bank accounts for the periods presented and most cash transactions for the Predecessor were transacted through bank accounts owned by iStar and are included in Safety, Income & Growth Inc. Predecessor Equity.

Dividends—The Company elected to be taxed as a REIT beginning with its taxable year ended December 31, 2017. To qualify as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate corporate federal income taxes payable by the REIT. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and other items), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows. During the six months ended June 30, 2018, the Company declared cash dividends on its common stock of $5.5 million, or $0.30 per share.

Earnings Per Share

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Share

Earnings per share ("EPS") is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of shares outstanding for the period. The following table presents a reconciliation of income (loss) from operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data):⁽¹⁾



	Three Months Ended June 30, 2018			Six Months Ended June 30, 2018			April 14, 2017 to June 30, 2017
Income (loss) from operations	$	1,762		$	5,504		$	(1,604	)
Net (income) attributable to noncontrolling interests	(59		)	(82		)	—
Income (loss) from operations attributable and allocable to common shareholders for basic and diluted earnings per common share	$	1,703		$	5,422		$	(1,604	)

_______________________________________________________________________________


(1)	The combined statements of operations prior to April 14, 2017 represented the activity of the Predecessor and EPS was not applicable.



	Three Months Ended June 30, 2018		Six Months Ended June 30, 2018		April 14, 2017 to June 30, 2017
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Income (loss) from operations attributable to Safety, Income & Growth Inc. and allocable to common shareholders	$	1,703	$	5,422	$	(1,604	)

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	18,191		18,191		6,293

Basic and diluted earnings per common share:
Net income (loss) attributable to Safety, Income & Growth Inc. and allocable to common shareholders	$	0.09	$	0.30	$	(0.25	)

_______________________________________________________________________________


(1)	The combined statements of operations prior to April 14, 2017 represented the activity of the Predecessor and EPS was not applicable.

Related Party Transactions

6 Months Ended

Jun. 30, 2018

Related Party Transactions

The Company is externally managed by an affiliate of iStar, the Company's largest shareholder. iStar has been an active real estate investor for over 20 years and has executed transactions with an aggregate value of approximately $40.0 billion. iStar has an extensive network for sourcing investments, which includes relationships with brokers, corporate tenants and developers that it has established over its long operating history. As of March 31, 2018, iStar had total assets of approximately $4.5 billion and 185 employees in its New York City headquarters and its seven regional offices across the United States.

Management Agreement

The Company has designed what it believes to be a management agreement with unique features that create alignment and incentives. A summary of the terms of the management agreement is below:



Manager	SFTY Manager, LLC, a wholly-owned subsidiary of iStar Inc.
Management Fee	Annual fee of 1.0% of total shareholder's equity (up to $2.5 billion) Annual fee of 0.75% of total shareholder's equity (> $2.5 billion)
Management Fee Consideration	Payment will be made exclusively in the Company's common stock (valued at the greater of (i) the volume weighted average market price during the quarter for which the fee is being paid or (ii) the initial public offering price)
Lock-up	Restriction from selling common stock received for management fees for 2 years from the date of such issuance (restriction will terminate in the event of and effective with the termination of the management agreement)
Management Fee Waiver	No management fee paid to the Manager during the first year (through June 30, 2018)
Incentive Fee	None
Term	1 year
Renewal Provision	Automatically renewed for additional one-year terms unless previously terminated by majority of independent directors or otherwise, as provided in the agreement
Termination Fee	None

For the three and six months ended June 30, 2018, the Company recorded $0.9 million and $1.8 million, respectively, in management fees to the Manager. For the period from April 14, 2017 to June 30, 2017, the Company recorded $0.2 million in management fees to the Manager. These management fees are recorded in "General and administrative expenses" in the Company's consolidated statements of operations. The management fees were not actually paid to the Manager because no management fees were payable during the first year of the agreement. The fees were accounted for as a non-cash capital contribution from iStar despite iStar not receiving any compensation for its services.

Expense Reimbursements

The Company pays, or reimburses the Manager for, all of the Company's operating expenses, except those specifically required to be borne by the Manager under the management agreement. In addition, because the Manager’s personnel perform certain legal, accounting, due diligence tasks and other services that third-party professionals or consultants otherwise would perform, the Manager is reimbursed, in cash or in shares of the Company's common stock, for the documented cost of performing such tasks.

For the three and six months ended June 30, 2018, the Company was allocated $0.4 million and $0.8 million, respectively, in expenses from the Manager. For the period from the initial public offering on June 27, 2017 to June 30, 2017, the Company was allocated $20,000 in expenses from the Manager. These expenses are recorded in "General and administrative expenses" in the Company's consolidated statements of operations. In accordance with the provisions of the management agreement, the reimbursement of expenses was waived by the Manager and, accordingly, these expenses were accounted for as a non-cash capital contribution from iStar despite iStar not receiving any reimbursement for these allocated expenses.

Acquisitions

iStar has participated in certain of the Company's investment transactions, either as a seller of land or by providing financing to the Company's Ground Lease tenants. Refer to Note 4 for a description of such transactions.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of presentation	Basis of Presentation—For periods prior to April 14, 2017, the accompanying combined financial statements do not represent the financial position and results of operations of one legal entity, but rather a combination of entities under common control that have been ‘‘carved out’’ from iStar’s consolidated financial statements. For periods prior to April 14, 2017, these combined financial statements reflect the revenues and expenses of the Predecessor and include certain material assets and liabilities of iStar that are specifically identifiable and generated through, or associated with, an in-place lease, which have been reflected at iStar’s historical basis. For periods subsequent to April 14, 2017, the accompanying consolidated financial statements represent the consolidated financial statements of the Company. In addition, as a result of the Company's acquisition of the Initial Portfolio from iStar, the consolidated financial statements subsequent to April 14, 2017 are presented on a new basis of accounting pursuant to Accounting Standards Codification ("ASC") 805 (refer to Note 4).
Fair values	Fair Values—The Company is required to disclose fair value information with regard to its financial instruments, whether or not recognized in the consolidated and combined balance sheets, for which it is practical to estimate fair value. The Financial Accounting Standards Board ("FASB") guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company determines the estimated fair values of financial assets and liabilities based on a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the Company and the Company’s own assumptions about market participant assumptions. The Company determined the carrying values of its cash and cash equivalents; restricted cash; ground and other lease income receivable; deferred ground and other lease income receivable, net; deferred expenses and other assets, net; and accounts payable, accrued expenses, and other liabilities approximated their fair values. The Company determined the fair value of its debt obligations, net as of June 30, 2018 was approximately $301.0 million and falls within Level 3 of the fair value hierarchy. In connection with the Company's acquisition of the Initial Portfolio and its acquisition of two separate Ground Leases on June 28, 2017 (refer to Note 4), the Company was required to account for the acquisitions as business combinations pursuant to ASC 805. The Company utilized a third-party specialist to assist the Company in recognizing and measuring the identifiable assets acquired, the liabilities assumed, and estimating the remaining useful life of the identifiable assets acquired in accordance with ASC 350.
Other	Other—The Company is an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") and is eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other publicly-traded companies that are not "emerging growth companies," including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002. The Company has elected to utilize the exemption for auditor attestation requirements. In addition, the JOBS Act provides that an "emerging growth company" can take advantage of the extended transition period provided in the Securities Act of 1933, as amended, for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. However, the Company has chosen to "opt out" of this extended transition period, and as a result, it will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for all public companies that are not emerging growth companies. The Company's decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable. The Company will remain an "emerging growth company" until the earliest to occur of: (i) the last day of the fiscal year during which our total annual revenue equals or exceeds $1.07 billion (subject to adjustment for inflation); (ii) the last day of the fiscal year following the fifth anniversary of the Company's initial public offering; (iii) the date on which the Company has, during the previous three-year period, issued more than $1.0 billion in non-convertible debt; or (iv) the date on which the Company is deemed to be a "large accelerated filer" under the Securities Exchange Act of 1934, as amended.
Consolidation	Principles of Consolidation and Combination—For the periods prior to April 14, 2017, the combined financial statements include on a carve-out basis the historical balance sheets and statements of operations and cash flows attributed to the Predecessor. For the periods subsequent to April 14, 2017, the consolidated financial statements include the accounts and operations of the Company its wholly-owned subsidiaries and VIEs for which the Company is the primary beneficiary.
Use of Estimates	The preparation of these consolidated and combined financial statements in conformity with generally accepted accounting principles in the United States of America (‘‘GAAP’’) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. These combined financial statements for the periods prior to April 14, 2017 include an allocation of general and administrative expenses and interest expense to the Predecessor from iStar. General and administrative expenses include certain iStar corporate functions, including executive oversight, treasury, finance, human resources, tax compliance and planning, internal audit, financial reporting, information technology and investor relations. General and administrative expenses, including stock based compensation, represent a pro rata allocation of costs from iStar’s net lease and corporate business segments based on our average net assets as a percentage of iStar’s average net assets. Interest expense was allocated to the Predecessor by calculating its average net assets as a percentage of the average net assets in iStar’s net lease business segment and multiplying that percentage by the interest expense allocated to iStar’s net lease business segment (only for the number of days in the period in which the Predecessor did not have debt obligations outstanding—refer to Note 6). The Company believes the allocation methodology for the general and administrative expenses and interest expense is reasonable. Accordingly, the general and administrative expense allocation presented in our combined statements of operations for Predecessor periods does not necessarily reflect what our general and administrative expenses will be as a standalone public company for future reporting periods. In the opinion of management, the accompanying combined financial statements contain all adjustments consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. These unaudited consolidated and combined financial statements and related notes should be read in conjunction with the consolidated and combined financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017.
New accounting pronouncements	New Accounting Pronouncements—In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation ("ASU 2018-07") which was issued to align the guidance on share-based payments for goods and services to non-employees with share-based payments to employees. ASU 2018-07 requires non-employee share-based payment awards to be measured at the grant date fair value of the equity instruments that the entity is obligated to issue for the goods and services received. Grant date is generally defined as the date at which the grantor and grantee reach a mutual understanding of the terms and conditions of the share-based award. ASU 2018-07 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Management does not believe the guidance will have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. For operating leases, a lessee will be required to: (i) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its statement of financial position; (ii) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight line basis; and (iii) classify all cash payments within operating activities in its statement of cash flows. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. However, in certain instances a long-term lease of land could be classified as a sales-type lease, resulting in the lessor derecognizing the underlying asset and recording a profit or loss on the sale and a net investment in the lease. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company’s consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of the cash and cash equivalents and restricted cash reported in the Company's consolidated balance sheets that total to the same amount as reported in the Company's consolidated statements of cash flows (in thousands):



	June 30, 2018		December 31, 2017
Cash and cash equivalents	$	35,805	$	168,214
Restricted cash⁽¹⁾	957		1,656
Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows	$	36,762	$	169,870

_______________________________________________________________________________


(1)	Restricted cash includes cash balances required to be maintained under certain of the Company's derivative transactions.

Derivative Financial Instruments Designated in Hedging Relationships

The table below presents the Company's derivatives as well as their classification on the consolidated balance sheets as of June 30, 2018 and December 31, 2017 ($ in thousands):⁽¹⁾



	June 30, 2018		December 31, 2017
Derivative Type	Fair Value⁽²⁾				Balance Sheet Location
Assets
Interest rate swaps	$	6,368	$	1,024	Deferred expenses and other assets, net
Interest rate cap⁽³⁾	27		18		Deferred expenses and other assets, net
	$	6,395	$	1,042
Liabilities
Interest rate swaps	$	266	$	904	Accounts payable, accrued expenses and other liabilities
	$	266	$	904

____________________________________________________________________________


(1)	For the three and six months ended June 30, 2018, the Company recorded $2.4 million and $6.0 million, respectively, of unrealized gains in accumulated other comprehensive income (loss).

(2)


(3)	This derivative is not designated in a hedging relationship.

Real Estate and Real Estate-Related Intangibles (Tables)

6 Months Ended

Jun. 30, 2018

Real Estate [Abstract]

Schedule of Real Estate Assets

The Company's real estate assets consist of the following ($ in thousands):



	As of
	June 30, 2018			December 31, 2017
Land and land improvements, at cost	$	292,062		$	220,749
Buildings and improvements, at cost	192,396			192,396
Less: accumulated depreciation	(7,255		)	(4,253		)
Total real estate, net	$	477,203		$	408,892
Real estate-related intangible assets, net	197,665			138,725
Total real estate, net and real estate-related intangible assets, net	$	674,868		$	547,617

Schedule of Real Estate-Related Intangible Assets, Net

Real estate-related intangible assets, net consist of the following items ($ in thousands):



	As of
	June 30, 2018		December 31, 2017
Above-market lease assets, net⁽¹⁾	$	133,116	$	77,197
In-place lease assets, net⁽²⁾	38,512		35,744
Below-market lease asset, net⁽³⁾	25,290		25,784
Other intangible assets, net	747		—
Real estate-related intangible assets, net	$	197,665	$	138,725

_______________________________________________________________________________

(1)

(2)

(3)

Schedule of Future Amortization Expense

The estimated expense from the amortization of real estate-related intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands):⁽¹⁾



Year	Amount
2018 (remaining six months)	$	3,000
2019	6,000
2020	6,000
2021	6,000
2022	6,000

_______________________________________________________________________________


(1)	As of June 30, 2018, the weighted average amortization period for the Company's real estate-related intangible assets was approximately 74 years.

Real Estate - Related Intangibles, Liabilities

Real estate-related intangible liabilities, net consist of the following items ($ in thousands):⁽¹⁾



	As of
	June 30, 2018		December 31, 2017
Below-market lease liabilities⁽¹⁾	$	57,649	$	57,959
Real estate-related intangible liabilities, net	$	57,649	$	57,959

_______________________________________________________________________________

(1)

Purchase Price Allocations

The Company's purchase price allocations for the acquisitions described above are presented in the table below ($ in thousands):



	Initial Portfolio			6200 Hollywood Blvd.		6201 Hollywood Blvd.		Total
Assets
Land and land improvements, at cost	$	73,472		$	68,140	$	72,836	$	214,448
Buildings and improvements, at cost	192,396			—		—		192,396
Real estate	265,868			68,140		72,836		406,844
Real estate-related intangible assets	124,017			5,500		3,258		132,775
Other assets	1,174			—		—		1,174
Total assets	$	391,059		$	73,640	$	76,094	$	540,793

Liabilities
Real estate-related intangible liabilities	$	50,644		$	—	$	7,734	$	58,378
Debt obligations	227,415			—		—		227,415
Total liabilities	278,059			—		7,734		285,793
Equity Purchase Price	$	113,000	⁽¹⁾	$	73,640	$	68,360	$	255,000

_______________________________________________________________________________


(1)	The Company paid $340.0 million in total consideration to iStar for the Initial Portfolio, including the assumption of the 2017 Secured Financing.

Pro Forma Revenues and Net Income (Loss)



Three Months Ended June 30, 2017
Pro forma revenues⁽¹⁾	$	6,150
Pro forma net income (loss)⁽¹⁾⁽²⁾	(368		)

Six Months Ended June 30, 2017
Pro forma revenues⁽¹⁾	$	12,879
Pro forma net income⁽¹⁾⁽²⁾	1,189

_______________________________________________________________________________


(1)	The pro forma revenues and net income are presented for informational purposes only and may not be indicative of what the actual results of operations of the Company would have been assuming the transaction occurred on January 1, 2016, nor do they purport to represent the Company’s results of operations for future periods.


(2)	The combined statements of operations prior to April 14, 2017 represented the activity of the Predecessor and EPS was not applicable.

Future Minimum Ground Net Lease Payments

Future minimum Ground and Other Lease payments to be collected under non-cancelable leases, excluding percentage rent and other lease payments that are not fixed and determinable, in effect as of June 30, 2018, are as follows by year ($ in thousands):



Year	Leases with CPI Based Escalations		Leases with Fixed Escalations		Leases with Revenue Participation		Total
2018 (remaining six months)	$	2,556	$	5,407	$	5,016	$	12,979
2019	5,111		10,926		10,032		26,069
2020	5,111		11,090		10,032		26,233
2021	5,111		11,262		10,032		26,405
2022	5,111		11,430		10,032		26,573

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of deferred expenses and other assets, net

Deferred expenses and other assets, net, consist of the following items ($ in thousands):



	As of
	June 30, 2018		December 31, 2017
Purchase deposits	$	8,000	$	2,855
Interest rate hedge assets	6,395		1,042
Deferred finance costs, net⁽¹⁾	2,267		2,490
Other assets	1,487		450
Leasing costs, net	220		92
Deferred expenses and other assets, net	$	18,369	$	6,929

_______________________________________________________________________________


(1)	Accumulated amortization of deferred finance costs was $1.0 million and $0.5 million as of June 30, 2018 and December 31, 2017, respectively.

Schedule of accounts payable, accrued expenses and other liabilities

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):



	As of
	June 30, 2018		December 31, 2017
Dividends declared and payable	$	2,735	$	2,728
Accrued expenses⁽¹⁾	1,882		1,285
Other liabilities⁽²⁾	1,205		621
Interest payable	1,069		660
Interest rate hedge liabilities	266		904
Accounts payable⁽³⁾	244		1,347
Accounts payable, accrued expenses and other liabilities	$	7,401	$	7,545

_______________________________________________________________________________


(1)	As of June 30, 2018 and December 31, 2017, accrued expenses primarily includes accrued legal expenses, audit expenses and deferred finance costs.


(2)	As of June 30, 2018 and December 31, 2017, other liabilities includes $40,000 and $0.1 million, respectively, due to the Manager for costs it paid on the Company's behalf.


(3)	As of June 30, 2018 and December 31, 2017, accounts payable includes accrued offering costs.

Debt Obligations, net (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of debt obligations

The Company's outstanding debt obligations consist of the following ($ in thousands):



	As of						Stated Interest Rate		Scheduled Maturity Date⁽¹⁾
	June 30, 2018			December 31, 2017			Stated Interest Rate		Scheduled Maturity Date⁽¹⁾
Secured credit financing:
2017 Secured Financing	$	227,000		$	227,000		3.795%		April 2027
2017 Hollywood Mortgage	71,000			71,000			One-Month LIBOR plus 1.33%	⁽²⁾	January 2023
2017 Revolver	10,000			10,000			One-Month LIBOR plus 1.35%		June 2022
Total secured credit financing	308,000			308,000
Total debt obligations	308,000			308,000
Debt premium and deferred financing costs, net	(724		)	(926		)
Total debt obligations, net	$	307,276		$	307,074

_______________________________________________________________________________


(1)	Represents the extended maturity date for all debt obligations.


(2)	As of June 30, 2018, inclusive of the effect of an interest rate swap the effective interest rate is 3.04%.

Schedule of Maturities of Long-term Debt



	2017 Secured Financing		2017 Hollywood Mortgage		2017 Revolver		Total
2018 (remaining six months)	$	—	$	—	$	—	$	—
2019	—		—		—		—
2020	—		—		—		—
2021	—		—		—		—
2022	—		—		10,000		10,000
Thereafter	227,000		71,000		—		298,000
Total principal maturities	227,000		71,000		10,000		308,000
Debt premium and deferred financing costs, net							(724		)
Total debt obligations, net							$	307,276

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Risk Management and Derivatives (Tables)

6 Months Ended

Jun. 30, 2018

Risks and Uncertainties [Abstract]

Derivative Financial Instruments Designated in Hedging Relationships

The table below presents the Company's derivatives as well as their classification on the consolidated balance sheets as of June 30, 2018 and December 31, 2017 ($ in thousands):⁽¹⁾



	June 30, 2018		December 31, 2017
Derivative Type	Fair Value⁽²⁾				Balance Sheet Location
Assets
Interest rate swaps	$	6,368	$	1,024	Deferred expenses and other assets, net
Interest rate cap⁽³⁾	27		18		Deferred expenses and other assets, net
	$	6,395	$	1,042
Liabilities
Interest rate swaps	$	266	$	904	Accounts payable, accrued expenses and other liabilities
	$	266	$	904

____________________________________________________________________________


(1)	For the three and six months ended June 30, 2018, the Company recorded $2.4 million and $6.0 million, respectively, of unrealized gains in accumulated other comprehensive income (loss).

(2)


(3)	This derivative is not designated in a hedging relationship.

Derivative Instruments, Gain (Loss)



Derivatives Designated in Hedging Relationships	Location of Gain (Loss) Recognized in Income	Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings
For the Three Months Ended June 30, 2018
Interest rate swaps	Interest expense	$	2,377	$	47

For the Six Months Ended June 30, 2018
Interest rate swaps	Interest expense	$	6,002	$	22

____________________________________________________________________________

(1) For the period from April 14, 2017 to June 30, 2017, the Company recognized $(0.1) million in accumulated other comprehensive income (loss).



	Location of Gain or (Loss) Recognized in Income	Amount of Gain or (Loss) Recognized in Income
Derivatives not Designated in Hedging Relationships	Location of Gain or (Loss) Recognized in Income	Amount of Gain or (Loss) Recognized in Income
For the Three Months Ended June 30, 2018
Interest rate cap	Interest expense	$	(33	)

For the Six Months Ended June 30, 2018
Interest rate cap	Interest expense	$	10

Equity (Tables)

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Schedule of Stockholders Equity

The following table presents a summary of the Company's ownership as of June 30, 2018:



Event	Date	Owner	# of shares	Price paid Per Share
Initial capitalization	April 14, 2017	Third parties	2,875,000	$	20.00
Initial capitalization	April 14, 2017	iStar	2,775,000	20.00
Initial public offering	June 27, 2017	Third parties	10,250,000	20.00
Concurrent iStar placement	June 27, 2017	iStar	2,250,000	20.00
Issuance of shares to directors	June 27, 2017	Directors	40,000	—
Issuance of shares to directors	June 28, 2018	Directors	40,000	—
Shares outstanding at June 30, 2018			18,230,000

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Schedule of earnings per share

The following table presents a reconciliation of income (loss) from operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data):⁽¹⁾



	Three Months Ended June 30, 2018			Six Months Ended June 30, 2018			April 14, 2017 to June 30, 2017
Income (loss) from operations	$	1,762		$	5,504		$	(1,604	)
Net (income) attributable to noncontrolling interests	(59		)	(82		)	—
Income (loss) from operations attributable and allocable to common shareholders for basic and diluted earnings per common share	$	1,703		$	5,422		$	(1,604	)

_______________________________________________________________________________


(1)	The combined statements of operations prior to April 14, 2017 represented the activity of the Predecessor and EPS was not applicable.



	Three Months Ended June 30, 2018		Six Months Ended June 30, 2018		April 14, 2017 to June 30, 2017
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Income (loss) from operations attributable to Safety, Income & Growth Inc. and allocable to common shareholders	$	1,703	$	5,422	$	(1,604	)

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	18,191		18,191		6,293

Basic and diluted earnings per common share:
Net income (loss) attributable to Safety, Income & Growth Inc. and allocable to common shareholders	$	0.09	$	0.30	$	(0.25	)

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2018

Schedule of Related Party Transactions

The Company has designed what it believes to be a management agreement with unique features that create alignment and incentives. A summary of the terms of the management agreement is below:



Manager	SFTY Manager, LLC, a wholly-owned subsidiary of iStar Inc.
Management Fee	Annual fee of 1.0% of total shareholder's equity (up to $2.5 billion) Annual fee of 0.75% of total shareholder's equity (> $2.5 billion)
Management Fee Consideration	Payment will be made exclusively in the Company's common stock (valued at the greater of (i) the volume weighted average market price during the quarter for which the fee is being paid or (ii) the initial public offering price)
Lock-up	Restriction from selling common stock received for management fees for 2 years from the date of such issuance (restriction will terminate in the event of and effective with the termination of the management agreement)
Management Fee Waiver	No management fee paid to the Manager during the first year (through June 30, 2018)
Incentive Fee	None
Term	1 year
Renewal Provision	Automatically renewed for additional one-year terms unless previously terminated by majority of independent directors or otherwise, as provided in the agreement
Termination Fee	None

Business and Organization (Details)				6 Months Ended	12 Months Ended
Business and Organization (Details)	Jun. 28, 2017 USD ($)	Jun. 27, 2017 USD ($) $ / shares shares	Apr. 14, 2017 USD ($) investor $ / shares shares	Jun. 30, 2018 lease property	Dec. 31, 2016 property	Jun. 30, 2017 USD ($)	Mar. 30, 2017 USD ($)
Business Acquisition [Line Items]
Number of institutional investors \| investor			2
Number of properties \| lease				7
Total consideration	$ 142,000,000
Initial Capitalization
Business Acquisition [Line Items]
Number of institutional investors \| investor			2
IPO and Private Placement
Business Acquisition [Line Items]
Proceeds from initial public offering		$ 205,000,000
Proceeds from private placement offering		$ 45,000,000
Share price (in dollars per share) \| $ / shares		$ 20
iStar Inc. \| IPO and Private Placement
Business Acquisition [Line Items]
Transaction costs		$ 18,900,000
Initial Portfolio from iStar
Business Acquisition [Line Items]
Number of properties \| property				12	12,000
Total consideration			$ 340,000,000
Common Stock \| Initial Capitalization
Business Acquisition [Line Items]
Stock issued (in shares) \| shares			2,875,000
Proceeds from issuance of common stock			$ 57,500,000
Ownership percentage by Shareholders			50.90%
Share price (in dollars per share) \| $ / shares			$ 20.0
Common Stock \| IPO and Private Placement
Business Acquisition [Line Items]
Stock issued (in shares) \| shares		10,250,000
Proceeds from initial public offering		$ 205,000,000
Common Stock \| iStar Inc. \| Initial Capitalization
Business Acquisition [Line Items]
Stock issued (in shares) \| shares			2,775,000
Proceeds from issuance of common stock			$ 55,500,000
Ownership percentage by Shareholders			49.10%
Share price (in dollars per share) \| $ / shares			$ 20
Common Stock \| iStar Inc. \| IPO and Private Placement
Business Acquisition [Line Items]
Stock issued (in shares) \| shares		2,250,000
Proceeds from private placement offering		$ 45,000,000
Share price (in dollars per share) \| $ / shares		$ 20
Minimum
Business Acquisition [Line Items]
Ground leases term				30 years
Ground lease investment initial targeted value of of ground lease of combined value				30.00%
Ground lease, ratio of property net operating income to ground lease payment due				2.0
Maximum
Business Acquisition [Line Items]
Ground leases term				99 years
Ground lease investment initial targeted value of of ground lease of combined value				45.00%
Ground lease, ratio of property net operating income to ground lease payment due				5.0
Secured Debt \| 2017 Secured Financing
Business Acquisition [Line Items]
Assumption of long term debt						$ 227,000,000.0	$ 227,000,000

Basis of Presentation and Principles of Combination and Consolidation (Details) $ in Millions	Jun. 30, 2018 USD ($)
Real Estate, Net and Real Estate-Related Intangible Assets, Net
Variable Interest Entity [Line Items]
Consolidated VIE assets	$ 51.4
Accounts payable, accrued expenses and other liabilities
Variable Interest Entity [Line Items]
Consolidated VIE liabilities	$ 0.2

Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) - USD ($)
$ in Thousands

Jun. 30, 2018

Dec. 31, 2017

Jun. 30, 2017

Apr. 14, 2017

Apr. 13, 2017

Dec. 31, 2016

Cash and Cash Equivalents [Line Items]

Cash and cash equivalents

$ 35,805

$ 168,214

Restricted cash

957

1,656

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

36,762

169,870

Cash and Cash Equivalents [Line Items]

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

$ 36,762

$ 169,870

$ 107,579

$ 0